Home / Analysis / Crypto / Technical Analysis / Solana Tokens JUP and JTO Reach All-Time Highs – PYTH to Follow?

Solana Tokens JUP and JTO Reach All-Time Highs – PYTH to Follow?

Last Updated April 1, 2024 2:35 PM
Valdrin Tahiri
Last Updated April 1, 2024 2:35 PM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • JUP, JTO and PYTH are all Solana ecosystem tokens with similar charts.
  • The JUP and JTO prices reached new all-time highs today.
  • Can PYTH behave simlarly and reach a new all-time high soon?

Solana ecosystem tokens have performed admirably in 2024, likely due to the enormous increase in the SOL price. SOL currently trades close to $200 and is the fifth-largest crypto by base market capitalization. Excluding memecoins, JUP, JTO and PYTH have been three of the biggest gainers in its ecosystem.

Jupiter is a liquidity aggregator, Jito Network is a liquid staking solution while Pyth Network is an oracle similar to Chainlink on Ethereum. All three have similar charts, and with JUP and JTO reaching new all-time highs today, all eyes are on PYTH to see if it will do the same.

What’s Behind the JUP Price All-Time High?

The first project on Jupiter’s LFG launchpad, Zeus Network,  will go live on April 4, by conducting the public offering for its native token, ZEUS.

Jupiter’s launchpad  uses a unique mechanism called Dynamic Liquidity Management (DLMM). This aims to solve issues with liquidity and price dumps associated with new projects.

In each round of the token sale, DLMM mathematically adjusts the token price and allocation based on market demand and supply, in order to ensure that they are fair and efficient.

The JUP price started a five-wave upward movement on February 22. It reached a then all-time high on March 13 and accelerated its rate of increase further afterward, culminating with a high of $1.85 on April 1. If the count is accurate, JUP is approaching the top of its fifth and final wave. So, a correction could be close.

JUP Price Reaches All-Time High
JUP/USDT Daily Chart | Credit: TradingView

The RSI and MACD support this outlook, since they have both generated bearish divergences, often seen near cycle tops.

A potential target for the top of the current increase is at $1.96, created by the 1.61 external Fib retracement of the previous drop. Afterward, a significant correction toward $1.20 could ensue.

On the other hand, if wave five extends, the next likely target for the JUP price top is at $2.52.

JTO Also Reaches All-Time High

Solana  has over $7 billion in Total Value locked (TVL). Jito Network is its second biggest protocol with $1.82 billion in TVL .

Jito Network is a liquid staking solution, allowing users to maintain their liquidity while simultaneously receiving rewards from the assets they have staked. It generates revenue by charging a 4% management fee . Its main offering is the liquid staking token JitoSOL.

Setting it apart from other liquid staking tokens, JitoSOL also provides Maximum Extractable Value (MEV)  rewards on top of staking rewards. MEV refers to methods that allow validators and miners to profit of their validation by selecting the order in which transactions are processed.

Staking Distribution
Jito Network Stake Distribution | Credit: SolanaCompass

Since Jito rewards validators that choose the most efficient order of processing transactions, the process helps reduce congestion in the network while also enhancing the yield for JitoSOL holders.

This is done through an auction, where traders bid on transaction series they find profitable. Then, a third-party block engine determines the transaction order for higher efficiency. Finally, stakers receive auction proceeds, anchoring JitoSOL value to fixed auction amounts rather than fluctuating MEV profits.

There is currently 9.3 million SOL staked , with an APY of 8.09%.  The Jito stake distribution  is extremely decentralized, with neither of the 158 validators holding more than a 100,000 SOL stake. This is done by delegating marginal stake  to validators below the top one third of the total stake.

JTO Price Reaches All-Time High
JTO/USDT Daily Chart | Credit: TradingView

JTO serves as the governance token for the network. Despite its unique mechanism and significant TVL, it is ranked only #168 based on its market capitalization.

The JTO price had increased alongside a gradual ascending support trend line since the start of the year. After bouncing on February 23, the price accelerated its rate of increase, creating a steeper trend line (dashed). The price broke out from the $3.60 resistance area yesterday, reaching a new all-time high of $4.55 today.

The closest resistance is at $6.33, 42% above the current price. Conversely, the $3,60 area is likely to provide support in case of a short-term correction.

Can the PYTH Price Do the Same?

Out of the three, PYTH is the only one that reached its all-time high earlier and is now retracing. Plotting its price movement alongside JUP (blue) and JTO (orange) shows just how similar they have been.

The only exception is that while all three reached their previous all-time highs on March 17 and 18 and retraced, PYTH is the only one that has not reached a new high.

However, the price broke out from a descending resistance trend line on March 30, which could be the first step toward starting an increase toward the all-time high.

PYTH Price Fractal With JTO & JUP
Custom Daily Chart | Credit: TradingView

Currently, PYTH trades in a range between $0.90 and $1.10. A breakout above the range high can take it to the next Fib resistance at $1.35, a new all-time high.

On the other hand, a close below $0.90 will mean the price of PYTH has diverged from the other two and will instead correct toward $0.70.

Solana Ecosystem Tokens Poised to Perform Well This Cycle

Solana ecosystem tokens have performed well this year, possibly due to SOL’s rise. JUP, PYTH and JTO are adequately equipped to remain the biggest gainers in this ecosystem.

This is due to the increase in interest, positive developments and the lack of resistance due to their prices being at all-time highs.

Was this Article helpful? Yes No